Shiba Inu (SHIB) has witnessed quite a rally over the last few days. The asset is up by 6.9% in the daily charts, 42% in the weekly charts, 45.9% in the 14-day charts, and 43.5% over the previous month. The popular dog-themed cryptocurrency has also rallied by nearly 179% since September 2023.
Source: CoinGecko
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Why Is Shiba Inu Rallying Today?
SHIB’s current rally aligns with a memecoin resurgence in the market. According to Santiment data, SHIB’s trade volume surged to $1.19 billion, highlighting the high buying pressure in the market.
Other meme cryptocurrencies are also witnessing healthy rallies right now. Dogecoin (DOGE), SHIB’s main rival, is up by 16.7% in the weekly charts, 14.8% in the 14-day charts, and 21.8% over the previous month. Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Floki (FLOKI), etc., also follow the same trend.
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Source: CoinGecko
The memecoin rally could be due to Bitcoin (BTC) consolidating at the mid-$68,000 level. Investors may be opting for memecoins and smaller projects as the larger market stagnates.
AI Predicts When The Asset Will Reclaim Its All-Time High of $0.00008
Shiba Inu (SHIB) is currently down by 76.4% from its all-time high of $0.00008616, which it attained in October 2021, about three years ago.
According to Changelly, SHIB will reclaim its 2021 high in 2027, about three years from now. The platform anticipates the asset to trade at a maximum price of $0.0001229877 in 2027. Hitting $0.0001229877 from current levels will translate to a rally of about 507.6%.
Source: Changelly
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Telegaon is more bullish on SHIB. The platform predicts the asset to hit a new all-time high of $0.0000943 in 2026.
Source: Telegaon